Reliance Industries to invest Rs 5,000 crore in digital startups

"We also have plans to partner with thousands of Indian entrepreneurs, whose digital ventures can bloom in the ground that Jio is preparing," Ambani said.Aditi Shrivastava | ET Bureau | September 02, 2016, 08:31 IST

Reliance has tied up with around 20 smartphone brands including Samsung, Micromax and LG to bundle Jio SIM cards with select handsets, offering free voice and data for three months.BENGALURU: Reliance Industries chairman Mukesh Ambani said his group would invest Rs 5,000 crore in Indian startups over the next five years. The investment to be channelled through Jio Digital India Startup fund will be mostly directed at digital and internet startups to create unique solutions for India as part of the country’s largest business conglomerate’s move to become a communication behemoth.

"We also have plans to partner with thousands of Indian entrepreneurs, whose digital ventures can bloom in the ground that Jio is preparing," Ambani said while announcing the formal launch of Jio at RIL’s annual general meeting on Thursday.

"We are also working to create digital entrepreneurship hubs in key cities and towns of India. Our aim is to build a platform for young Indians who want to create digital businesses of the future," he said.

Reliance has already begin exploratory talks with the country’s two biggest startups — online retailer Flipkart and ride hailing app Ola — for potential integration of their services with Reliance’s mobile service Jio, four people aware of the development told ET.Reliance, Flipkart and Ola did not reply to email queries sent by ET as of press time on Thursday.

Reliance has tied up with around 20 smartphone brands including Samsung, Micromax and LG to bundle Jio SIM cards with select handsets, offering free voice and data for three months. The cheapest 4G LTE enabled phone of Reliance’s own brand Lyf is available at Rs 2,999.

"Jio is also partnering with some of the leading digital and Internet players in the world. Together with Jio, these partners are keen to showcase the full power and range of their offerings to Indian customers," Ambani said.

Ambani said the company would seek to have 100 million customers in the shortest possible time as it builds out its 4G network across the country.